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Property News in Norwich from the Last Fortnight

We like to keep you up to date with what’s been going on in Norwich over the last few weeks. It’s our job to keep our fingers on the pulse of what’s happening, so with that in mind, here are the latest top stories.

Agreement for former Norwich Hospital property to go to voters next month
A purchase and sales agreement between the town of Preston and Mohegan Tribal Gaming Authority to develop the former Norwich Hospital will go to a vote next month.
There will be a public meeting held on 6 April at the Preston Veteran’s Memorial School from 8pm. The current plan is to transform the 393-acre property into a marina, outdoor theme park, water park, hotel and senior housing. This will mean jobs and housing for the area. And there is an agreement than the development group would have to place £11 million in a letter of credit if the plans didn’t go ahead.

The Norfolk buildings’ ‘Oscar’ nominations have been announced
The Royal Institution of Chartered Surveyors has shortlisted 36 projects in the RICS awards, across eight categories. Norfolk projects nominated include the Abbey Experience at Wymondham and Boardman House in Norwich, a £3.5m refurbishment of the Grade II listed building in the city centre to create a new home for the architecture programme and media faculty at the Norwich University of the Arts.
The Kings Lynn Innovation Centre was also nominated. This has been described as a ‘stunning new landmark building situated on a gateway site near to King’s Lynn’, and offers office space for start-up businesses. The winners will be announced at a ceremony in May.

Call to halt unplanned housing developments in Costessey
A major application for 83 homes on Costessey farmland has sparked hundreds of objections. South Norfolk District councillor Vivienne Bell has said that: ‘Costessey is saturated with houses - we as a community are very welcoming but everything has a limit’.  It’s a view that has been shared by Town Council Chairman Patrick O’Connor and a number of residents.
It’s part of an overall theme running through the region, with a demand for new housing outstripping supply. Here in Norwich the problem is particularly severe, with the unofficial green belt meaning that new developments are restricted.
This has led to an increase in house prices over the last few years, with increases of around 8% a year.
We’ll keep you up to date on all the latest local housing news and if you would like any more information about investing in the area or the Norwich property market, the get in touch with our team.

To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.

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